Más noticias, parece que positivas, sobre Guanwei. Se anuncia una conversión de deuda en acciones con un premium del 20% respecto de la cotización actual. Ayer GPRC cerró a 1,56. Las nuevas acciones se valoran a 1,80.
La dilución del valor por esta ampliación de capital debería ser de en torno al 4%. Se trata de 815.684 acciones adicionales a las 20 millones ya existentes.
El mercado parece acoger la noticia con agrado, la cotización en el aftermarket sube hasta 1,74. La diferencia hasta 1,80 parece ser el porcentaje de dilución de capital. Parece pues que se establece una cota inferior bastante estable en la cotización de la compañía.
Como puntos oscuros, señalar que la compañía crediticia está controlada por un alto cargo de Guanwei (¿?). No sé si esto sería legal en una compañía occidental.
Edito: El acuerdo de conversión de deuda es un tanto "sui generis". La compañía ayer no tenía deuda en su balance (otro aspecto positivo para Guanwei) porque la poca que tenía se estaba amortizando con el dinero particular de Mr Rui Wang. Este cargo de la compañía ha abonado cerca de 1,5 M$ hasta cancelar la deuda de la compañía. Y ahora Guanwei se lo agradece, pero en lugar de dárselo en cash, que tiene para hacerlo así, realiza una ampliación de capital con el precio de la acción al alza.
Un tanto confuso, sí. Pero el mercado lo interpreta como positivo. en tanto en cuanto un insider se hace con un paquete apreciable de acciones con un premium sobre su cotización.
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[Guanwei] announced the execution of a debt conversion agreement with Chenxin International Limited ("Chenxin"), a Hong Kong company and shareholder of the Company which is controlled by Mr. Rui Wang, a director of the Company. Pursuant to the agreement, all expenses previously paid by Chenxin on behalf of the Company, totaling $1,468,167, shall be cancelled in exchange for the issuance by the Company to Chenxin of 815,684 shares of Guanwei's common stock, or $1.80 per share.
Continuing Confidence in Our Future
Mr. Chen Min, Chairman and CEO of Guanwei, commented, "We are most appreciative of the long time support we have received from our director and friend, Mr. Rui Wang, who in another demonstration of his confidence in our future has agreed to this conversion at a small premium to the current price of our shares and also has expressed his continuing interest in remaining a long term shareholder. With this conversion, the Company is able to avoid a lump sum cash payment, further strengthening our cash position. We also are further advancing our corporate governance practices by terminating transactions that are common business practice in China, but may not be viewed favorably by U.S. investors."
Conversion at an Approximately 20% Premium
The Company explained further that the expenses accrued by Chenxin since 2009, with no interest charges to Guanwei, have been reflected in Guanwei's most recent balance sheet as "outstanding amounts due to a shareholder," and mainly are for the payment of U.S. legal and professional fees relating to the Company's U.S. listing, which could not be paid in RMB (China's currency). The oral arrangement with Chenxin, based on a longstanding friendship and business relationship between Mr. Wang and Guanwei's founder, Mr. Chin Min, was in place before Guanwei went public, and continued as a means to legally expedite non-RMB payments. The Company noted further that the agreed conversion at a share price of $1.80, represents an approximate 20% premium to yesterday's closing price of the Company's shares on NASDAQ.
http://www.marketwatch.com/story/guanwei-recycling-announces-debt-conversion-agreement-2012-04-25